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Lswindsor4, Home Buyer in Kennewick, WA

How doe's a reverse mort work?

Asked by Lswindsor4, Kennewick, WA Fri Nov 18, 2011

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3
Hi there,
Doing a reverse mortgage or getting one can be very complexed. I have 15+ years of experience in doing Home Loans ~ reverse mortgages are the biggest challenge because you have to have equity in your home. The equity must be enough based on your age. Here is a great link (Look at #27) that might be of help.
Sincerely,
Celia
Celia Butler
0 votes Thank Flag Link Fri Nov 18, 2011
From what I've heard when your at a certain age and own your home or have only a certain percentage still owed on it you can basically take out a loan on your home and receive monthly payments and once you pass away the bank owns the home.
0 votes Thank Flag Link Fri Nov 18, 2011
See link for helpful information...
http://www.dfi.wa.gov/consumers/reversemortgage.htm
0 votes Thank Flag Link Fri Nov 18, 2011
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